The TSE 300 ended Thursday’s session down 31.70 points, at 7,416. North American markets continue to be rocked by profit warnings and economic jitters.
Market momentum was deeply negative. Declines surpassed advances 627 to 400, with 210 issues closing unchanged. Volume was 140 million shares.
Among the TSE’s 14 sub-indices, five managed to post gains, albeit modest ones. Only oil and gas managed to advance more than 1%.
The biggest declines were again in the industrial products sub-index, home to the TSE’s tech stocks, which fell 2.28%.
Shaken by a profit warnings and downgrades in the telcom sector, Nortel Networks continued falling today. The stock slipped 42¢ to close at $8.35. Volume was 13 million shares.
Celestica was down a $1.70 to $45.30. It was joined by slides in ATI $1.15 to $12.06 and C-Mac, down 34¢ to $31.15.
Anderson Exploration continues to trade heavily. It closed up 2¢ at $39.66, with 6.6 million shares changing hands.
Husky Energy climbed 10 %, up $1.85 to $19, in heavy volume on hopes that it may be the next candidate for a takeover.
Trading was active among the big banks today. TD Bank advanced 10¢ to $42.40. CIBC and Bank of Nova Scotia also posted gains. Royal Bank, however, dropped 6¢ to close at $49.89..
Trading was active on the Canadian Venture Exchange, but it couldn’t escape the downward trend enveloping North American markets, The CDNX Index closed down 28.27 at 2,973.24 Volume was 32.9 million shares, with 142 advances, 202 declines and 576 issues unchanged.
On Wall Street, earnings warnings from tech companies, weak retail numbers and sobering analyst comments sent investors running to exits today.
The Nasdaq composite index fell 3%, shedding 53.37 points to 1,705.64. The Dow Jones industrial average fell almost 2%, dropping 192.43 points to 9,840.84. The broader-market S&P 500 fell more than 2%, losing 25.34 points to 1,106.40.